The 86th Constitution Amendment Act added Article 21A affirming that every child between the age of 6 and 14 years has the right to free and compulsory education. The Right to Education Bill seeks to give effect to this Amendment.
Many key issues have to be sorted out if the Bill has to be implemented, a few being: budget, curriculum, role of private schools, teacher pool, per-state adherence, admissions and management, handling of minority/rural schools etc etc. The article (linked above) dicusses several highlights of the bill and issues in detail. If the Bill is passed and implemented with earnestness, would be a great step forward for basic education.